Banque Pictet & Cie has opened a representative office in South Africa. The move marks the Swiss lender’s first presence on the African continent in its 220-year history.

The Prudential Authority, part of the South African Reserve Bank, granted Pictet the licence to establish the office. The Geneva-headquartered bank specialises in wealth management, asset management and asset servicing for private clients and institutions.

At the end of 2024, the broader Pictet Group managed 724 billion Swiss francs (R15 trillion) in assets. The group ranks as Switzerland’s second-largest financial institution after UBS and Europe’s largest privately held bank. Seven senior managing partners, including family member Marc Pictet, own and run the business, which remains unlisted.

Pictet South Africa times entry with rising African wealth

The launch of Pictet South Africa aligns with strong growth forecasts for high-net-worth individuals across the continent. Wealth reports from Henley & Partners project a 65% surge in Africa’s millionaire population over the next decade.

This expansion forms part of a broader wave of international financial firms eyeing South Africa. Digital banking app Revolut has also applied for a full commercial banking licence from the South African Reserve Bank. The company aims to grow its global customer base from 65 million to 100 million by mid-2027 and views South Africa as a key market because of its diversified economy and rising demand for digital services.

“South Africans are ready for a new approach to banking,”

said Jacques Meyer, South Africa CEO at Revolut.

“Becoming a licensed bank will allow us to bring a full suite of products to the market and ensure we become the go-to financial app for millions of South Africans.”

Foreign banks send mixed signals on South Africa

While new players arrive, several established international banks have reduced or ended their South African operations.

In September 2024, HSBC announced its exit after 30 years in the country. Regulators approved the transfer of its clients, assets, liabilities and employees to FirstRand’s investment banking arm, Rand Merchant Bank, in June 2025.

French bank BNP Paribas closed its corporate and investment banking operations in South Africa in May 2024. Barclays and Standard Chartered have scaled back across Africa, while rival Société Générale also cuts its footprint on the continent.

Pictet has not issued a public statement on its new South Africa office beyond the regulatory approval.